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Cost of living - helping hardworking people

Here's the top ten ways we are helping hard working people with the cost of living.

Cutting income tax for 25 million people. By April 2014 we will have increased the personal allowance to £10,000, a typical tax cut of £705. 2.7 million people on the lowest incomes will pay no income tax.

Record low mortgage rates. Families up and down the country are benefitting from low mortgage rates – the two year 75 per cent LTV fixed rate in April 2012 was 2.87 per cent.

Freezing council tax for the third year in a row. We have helped councils to freeze council tax for three years. We will help councils do the same for the next two years.

Freezing and cutting fuel duty. We have cancelled rises in fuel duty that Labour planned. Fuel duty is now 13p per litre lower than it would have been without our action.

Introducing a fair fuel stabiliser to keep the cost of fuel stable. We have introduced a ‘fair fuel stabiliser’ to limit any fuel duty rises when the international oil price rises above £45 a barrel.

Helping families with childcare. We have announced a new scheme which means families effectively pay no tax on the income that goes towards paying for childcare.

Extending free childcare. We have increased the entitlement to free education and care for 3- and 4-year olds to 15 hours a week. We have also extended the entitlement to the most disadvantaged 2-year-olds.

Forcing energy companies to put customers on the lowest tariff. We are legislating in the Energy Bill to require energy suppliers to switch their customers to the supplier’s cheapest tariff.

Delivering the biggest ever cash rise in the Basic State Pension. The Government introduced the triple lock to guarantee that the Basic State Pension always increases in line with earnings, inflation, or 2.5 per cent – whichever is highest. Last year, that meant a rise of £5.30 – the biggest ever cash rise.

Taking a penny off the cost of a pint. The Government has cut the tax on beer by 1p, keeping beer 4p cheaper than it would have been under Labour’s plans.